Financial Statement Audits

Bankers, investors, owners, and boards of directors among other stakeholders, generally require independent financial statement audits in order to discharge their fiduciary responsibility of stewarding the resources within their direction and control. In a financial statement audit engagement, the auditor’s responsibility is to express an opinion on the financial statements, which are the responsibility of management, based on an audit conducted in accordance with generally accepted auditing standards. In essence, the auditor’s report provides assurance to the reader that the financial statements are a fair presentation of financial condition and change in financial condition that is free of material misstatement.

RICHARD CPAS approach to the audit process is a risk-based approach which focuses the teams attention and efforts in the areas of greatest financial significance measured in terms of the dollar balance outstanding at the balance sheet date, the dollar amount of revenue and expenses reported during the year, and the volume of transactions occurring within a given reporting cycle during the year. RICHARD CPAS generally plans for a member/partner to work on-site during the audit engagement, thereby facilitating timely detection, communication and resolution of any accounting or technical items identified.